IMF approves immediate release of final $1.1 billion tranche of $3 billion bailout to Pakistan
KABUL, Afghanistan (AP) — The International Monetary Fund on Monday approved the immediate release of the final $1.1 billion tranche of a $3 billion bailout to Pakistan, the global lender said in a statement.
Pakistan needs the money to overcome one of the worst economic crises in its history that had raised fears it could default on the payment of foreign debts.
As part of the bailout conditions, the government was required to reduce subsidies intended to cushion the impact of rising living costs. This contributed to an increase in prices, especially energy bills, and angered the public. Islamabad also imposed new taxes, another unpopular move.
But an IMF official said the country’s “determined policy efforts” have brought progress in restoring economic stability.
Moderate growth has returned, external pressures have eased and, while still elevated, inflation has begun to decline, said Antoinette Sayeh, the IMF’s deputy managing director and chair, in the statement.
Related articles
Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
PRISTINA, Kosovo (AP) — Kosovo’s Cabinet renewed efforts with a new draft law on renting a prison in2024-05-21Orioles put outfielder Austin Hays on injured list and cut Peyton Burdick
ANAHEIM, Calif. (AP) — The Baltimore Orioles placed outfielder Austin Hays on the 10-day injured lis2024-05-21MLB players' union asks court to confirm arbitration decision against Bad Bunny firm
NEW YORK (AP) — The baseball players’ association asked a federal court to confirm an arbitrator’s d2024-05-21Lyrid Meteor Shower peaks tonight with up to 18 shooting stars overhead every hour
It's something that features on many people's bucket lists. And now you might finally get the chance2024-05-21NBA playoffs: Edwards leads Wolves to 98
DENVER (AP) — Anthony Edwards overcame a slow start and the Timberwolves roared back from a 20-point2024-05-21China unveils data of technically recoverable oil and gas resources
BEIJING, April 22 (Xinhua) -- China unveiled its data of technically recoverable oil and gas resourc2024-05-21
atest comment